Private Banking: Itaú moves up the rankings
Search the results Four years ago Brazil’s Banco Itaú committed itself to building a world-class private bank. Its efforts are already paying off
Brazil’s Banco Itaú has had a private banking business for 15 years and an international private banking presence in Luxembourg for 10 years. Four years ago, the bank’s senior management went one step further and decided it wanted to build a world-class operation to serve high-net-worth clients. Since then it has grown organically and through the acquisition of five businesses, in the process making heavy investments in people and technology.
Unsurprisingly, Itaú has gained ground in Euromoney’s ranking of Brazilian private banks for the past three years. In 2003 it took fifth place, a year later it was fourth and in 2005 it ranked third. Only Citigroup and UBS beat it.
Lywal Salles, senior managing director and CEO of Itaú’s private bank in Brazil, keeps a close eye on its much larger rivals and says the bank constantly benchmarks itself against them. However, he thinks that the strength of Itaú’s retail brand and its commitment to the domestic market also work strongly in its favour. “We have not just the knowledge of the local market but also a commitment to it,” he says.